Fox Petroleum Inc. Provides Update on Joint Venture with Trius Energy LLP and Hunt Oil.

LONDON -- Fox Petroleum Inc. (NASD OTC BB: FXPE - News) (hereafter "FOX") is pleased to provide an operations update on its 22.5% joint venture interest in the Spears Gas Unit 2, Well #1 in the Gomez Field of Peco County, Texas.

Trius Energy LLP has confirmed that the drilling rig to be used on the re-entry program for the Spears Gas Unit 2 Well #1 has been obtained ahead of original schedule, and is expected to be on site October 29, 2007. Spudding of the well is expected to occur on the same day. It is projected that the work-over program will take between 3 and 4 weeks. Subject to the success of the re-entry program, Trius Energy anticipates having the well in production before the end of November 2007.

Richard Moore, CEO of Fox Petroleum states, "We are pleased to see this program moving forward ahead of schedule. We anticipate a quick drilling schedule with the possibility of being in production before December. Realizing production revenue from our first drilling program would mark a significant milestone for Fox Petroleum."

About the Spears Gas 2 Unit

The Spears Gas Unit 2, Well #1 has produced over 23BCF of natural gas, which equates to $149,500,000 at current market prices. The Unit is currently estimated to contain reserves of natural gas in excess of 16.7 Billion Cubic Feet, worth roughly $108 million. According to evaluation by Trius Energy LLC, in association with Stratco Operating Co. MC, the Spears Gas Unit 2, Well #1 could potentially produce up to 3,000 MCFGPD or greater, which is supported by data review of the Composite Borehole Compensated Sonic Log, Gamma Ray & Sidewall Neutron Porosity Log, extensive reservoir analysis and recent field data. The Spears Gas Unit neighbours a number of leading world producers of Oil and Gas including Chesapeake Energy (NYSE:CHK), Chevron (NYSE:CVX) and Cimarex Energy (NYSE:XEC).

Numerous wells in the immediate area have been recently re-completed with great success. Most of these wells that permeated the Fusselman & Devonian zones have had initial production of 2,500 to 3,000 MCFG per day. The most significant Fusselman well is the Cimarex Dewitt Parke #2 Well which is approximately 3 miles NW of the Spears Gas Unit, and has a cumulative production of 7.5BCF and producing 700 MCFGPD. The most significant Devonian well is the Chesapeake Gomez South Unit which is approximately 2 miles west of the Spears Gas Unit, with a cumulative production of 22 BCF, currently producing 1,040 MCFGPD.

Further Information

Shareholders and prospective investors are encouraged to visit Fox Petroleum's website: www.foxpetro.com and download Fox Petroleum's Investor Summary. Please feel free to call investor relations toll-free at 1-888-369-4744 to receive a full corporate investor's package.

About Fox Petroleum

Fox Petroleum Inc. is an Oil and Gas Exploration Company headquartered in London, England, the financial capital of Europe. Fox also has an operations office in Anchorage, Alaska. Fox's current targets include mineral rights to 32,000+ acres in Alaska's North Slope estimated to represent a potential of up to 160 million barrels of oil (LAPP Resources, Inc.), and the rights to a 33.33% ownership stake in a 37,000+ acre UK North Sea license which could potentially hold up to 213 million barrels of oil (TRACS International Ltd). The Company's shares are publicly traded on the NASD OTC BB under the ticker symbol FXPE.

On behalf of the Board of Directors

FOX PETROLEUM INC.

Alex Craven, Vice President, Finance

NASD OTC BB: FXPE

Legal Notice Regarding Forward-Looking Statements

Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

Forward-looking statements in this news release include that our mineral rights in Alaska's North Slope is estimated to contain a potential of up to 160 million barrels of oil; that UK North Sea license which we own a 33.33% ownership could potentially hold up to 213 million barrels of oil; that the Spears Gas Well is estimated to be spudded within this quarter of 2007 or could become Fox Petroleum's first production well; that acquisition of the 22.5% joint venture interest in the Spears Gas Well could result in short term revenue, production or bookable reserves; that the revenue potential of the Spears Gas Well could cover the investment in a matter months; that Spears Gas Well could potentially produce up to 3,000 MCFGPD or greater.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, successful closing of the acquisition of joint venture partnership interest in the Spears Gas Well, and our ability to participate in the exploration of, and successful completion of development programs on, the Spears Gas Well. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.